A-Z of Property Factors: Part 1
If you follow us on social media, you may have noticed that we are running an informative A-Z series focussing on the terms used in property factoring. We hope this will help you understand what we do and how we serve you.
We’re rounding up part 1 of the series with letters A-I below.
A is for Asbestos
Any building property built prior to 2000 should have an asbestos survey carried out. We have a duty of care to owners and contractors to identify the presence of asbestos and ensure a safe living environment for residents.
B is for Block Insurance
We can provide low cost building insurance with reputable insurers. Find out more about insurance policies here.
C is for Common Parts
These are the parts of any development which are common to owners and therefore for the property factor to maintain. Common parts are usually defined within your Deed of Conditions. Find out more about common parts that we would typically cover in our guide.
D is for Deed of Conditions
The Deed of Conditions is a legally binding document between all homeowners and their responsibilities for the upkeep of communal areas within a development.
E is for EICR
An EICR is an Electrical Installation Condition Report. This report is produced after an in-depth test, carried out every 5 years, on electrical systems within the communal areas of your development, e.g lighting.
F is for Float Payments
Your float payment is used to cover the payment of contractors for regular costs or small repairs. It is returned to you upon the sale of the property. More information on float payments and why we require them can be found here.
G is for Gutter Cleaning
Gutter Cleaning is of the most important services our contractors carry out to keep your property well maintained and running efficiently. Gutters clogged with debris can cause a leaky roof or water damage to a property, so it’s essential to keep them clean.
H is for High-rise homes
t’s very important to consider fire safety in high-rise homes. The Scottish Fire and Rescue Service have recently launched a guide of tips on staying fire safe. Read it here.
I is for INSPCT
All of our Development/Property Manager’s now use CPL’s new INSPCT app to carry out and record all property inspections. This helps improve efficiency and saves time in our business. Find out more here.